BERLIN - Siemens is preparing a possible separation of its large drive applications (LDA) business, the German engineering and technology company said on Monday, confirming media reports.

The separation of the unit, which produces heavy-duty electrical drive systems for ships, mines and rolling mills, is the first step to a divestiture, Handelsblatt reported on Monday.

More than 7000 Siemens employees around the world including around 2200 in Germany will be affected by the move, Handelsblatt reported, citing sources at the company.

  - Reuters